Is Bitcoin still worth buying at its current price?

The price of Bitcoin has performed very well in the last quarter, showing exponential growth. Especially compared with the same period in the past, the price of Bitcoin has risen sharply, and therefore, Bitcoin has attracted the attention of many investors.

Looking back at last quarter, the key point in Bitcoin's price fluctuations was on February 19, when its price broke through the $55,000 resistance for the first time. After that, after several upward surges, it finally broke through the $60,000 high.

Bitcoin

However, since the sharp rise in Bitcoin prices on February 19, although the outlook for Bitcoin is very optimistic, the price has experienced continuous pullbacks and has been in a state of high-level fluctuations during this period. The future trend is not clear in the short term.

While Bitcoin’s overall outlook is positive, with some optimistic cryptocurrency analysts suggesting it could reach highs of $80,000 in the coming months, or even $100,000 by the end of the year, what does this mean for investors who are more interested in swing trading?

Interestingly, according to relevant data, the market sentiment towards Bitcoin and Ethereum has changed dramatically. According to data, this week, Bitcoin fell back below $60,000 and Ethereum also encountered resistance at $2,000, causing the weighted sentiment of the two assets to fall to extremely negative levels.

Bitcoin

However, does this also mean that there is an upside for traders in bidding for both digital assets?

Various data show that in the past when such "negative" sentiment appeared, the savings of cryptocurrencies have continued and contributed to the reversal of the trend, causing the price to soar. In such a market environment, Bitcoin funds are a good buying opportunity.

As prices fluctuate, more traders take advantage of short-term operations to profit, which may be one of the reasons why Bitcoin has been difficult to break through the $60,000 level for a long time.

However, this is true even in the near $40,000 range, so it may only be a matter of time before the current resistance is breached.

Bitcoin

For new investors entering the current Bitcoin market, these minor corrections are the only “lows” that justify the mantra of “buy low, sell high.” Although prices may keep rising in the coming months, as has been the case over the past 3 months, the rate of price corrections is likely to become smaller and smaller.

In addition, according to data, although the price of Bitcoin has retreated in the past week, the maximum decline is still less than 7%. This means that when the Bitcoin bull market enters the next stage, these corrections may continue with increasing frequency, but they may eventually become smaller.

Therefore, it is important to note that the recent price adjustment of Bitcoin does not necessarily mean the end of the bull market, but may be looking for a relatively good entry point and configuration opportunity.